July 09, 2014
Lenders mortgage Insurance (LMI) is an insurance premium that the borrower pays.
This occurs when you don’t have 20% deposit plus stamp duty, and the premium can be added to the loan. LMI can vary from lender to lender but it is calculated on the loan amount and the percentage of the loan amount to the value of the property.
LMI is not an easy one to understand, so if you've got any questions about it feel free to give us a call on 03 9585 7779 or through Mortgage Choice home page.